To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
Financial Statements and
Supplemental Schedules for the
Years Ended June 30, 2014 and 2013 and
Independent Auditor’s Report
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
Financial Statements and
Supplemental Schedules for the
Years Ended June 30, 2014 and 2013 and
Independent Auditor’s Report
BOARD MEMBERS (2013-2014)
Jennifer Hodgson, PhD, LMFT, Chairperson
Pamela Richey, LMFT, Vice-Chairperson
Ruby Bullard
Sherman Childers
Chad Jordan, LMFT
Chris Rodriguez, LMFT
Roger Woodard
EXECUTIVE OFFICER
Wanda Nicholson, Executive Director
LEGAL COUNSEL
North Carolina Department of Justice
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
TABLE OF CONTENTS
Page
MANAGEMENT’S DISCUSSION AND ANALYSIS 1-2
INDEPENDENT AUDITOR’S REPORT 3-4
FINANCIAL STATEMENTS FOR THE
YEARS ENDED JUNE 30, 2014 AND 2013
Statements of Net Position 5
Statements of Revenues, Expenses and Changes in Net Position 6-7
Statements of Cash Flows 8
Notes to Financial Statements 9-13
SUPPLEMENTAL INFORMATION
YEARS ENDED JUNE 30, 2014 AND 2013
Schedules of Receipts and Disbursements - Modified Cash Basis 14
1
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
MANAGEMENT’S DISCUSSION AND ANALYSIS
This section of the Board’s financial report represents Management’s analysis of the Board’s financial
performance during the years ended June 30, 2014 and 2013. Please read it in conjunction with the
financial statements which follow this section.
Financial Highlights
During 2014, the Board’s net position increased by $29,118, or 68.9%, due primarily to a decrease in
expenses. During 2013, the Board’s net position decreased by $5,224, or 11.0% , due primarily to an
increase in expenses.
During 2014, the operating revenues of the Board increased by $5,280, or 4.9%, due primarily to an
increase in license and application fees. During 2013, the operating revenues of the Board increased by
$11,720, or 12.3%, due primarily to an increase in license and application fees.
During 2014, the non-operating revenues of the Board decreased by $113, or 86.3%, due to a decrease in
interest earnings rates and a loss on disposition of capital assets. During 2013, the non-operating revenues
of the Board decreased by $11, or 7.7%, due to a decrease in interest earnings rates.
During 2014, the operating expenses of the Board decreased by $29,175, or 25.9%, due primarily to a
decrease in website expenses, board members expenses and legal fees. During 2013, the operating expenses
of the Board increased by $38,639, or 52.2%, due primarily to an increase in website expenses, board
members expenses and legal fees.
Overview of the Financial Statements
This financial report consists of two sections: Management’s Discussion and Analysis and the Financial
Statements. The Board has no other supplementary information required by GASB 34. The Financial
Statements also include notes to the financial statements that provide detail of the information included in
the financial statements.
Basic Financial Statements
The financial statements of the Board report information about the Board using accounting methods similar
to those used by private sector companies. These statements offer short and long-term financial information
about the activities of the Board.
The Statements of Net Position present the current and long-term portions of assets and liabilities separately.
The Statements of Revenues, Expenses, and Changes in Net Position present information on how the
Board’s assets changed as a result of its operations.
The Statements of Cash Flows present information on how the Board’s cash changed as a result of its
financial activities.
2
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
MANAGEMENT’S DISCUSSION AND ANALYSIS
Condensed Financial Information
The following presents condensed financial information on the operations of the Board:
Current Year Current Year
as of and for as of and for
the year ended the year ended
June 30, 2014 June 30, 2013
Current assets $ 139,283 $ 130,544
Capital assets 1,977 914
Other assets 750
Total assets $ 142,010 $ 131,458
Current liabilities $ 70,607 $ 89,173
Total liabilities $ 70,607 $ 89,173
Investment in capital assets $ 1,977 $ 914
Unrestricted 69,426 41,371
Total net position $ 71,403 $ 42,285
Operating revenues $ 112,575 $ 107,295
Operating expenses (83,475) (112,650)
Operating income 29,100 (5,355)
Non-operating revenues 18 131
Change in net position $ 29,118 $ (5,224)
Events Affecting Future Operations
The Board has no significant events affecting future operations which are reportable pursuant to GASB 34.
Contacting the Board’s Management
This financial report is designed to provide a general overview of the Board’s finances and to demonstrate
the Board’s accountability for the money it receives. If you have any questions about this report or need
additional information, contact: North Carolina Marriage and Family Therapy Licensure Board, PO Box
5549, Cary, NC 27512.
3
Shelton L. Hawley, CPA, PA
Certified Public Accountant
Suite B1
800 N. Raleigh St.
P.O. 1545
Angier, North Carolina 27501-1545
Telephone: (919) 639-4825
Facsimile: (919) 639-3102
INDEPENDENT AUDITOR’S REPORT
Members of the Board
North Carolina Marriage and Family Therapy Licensure Board
Cary, North Carolina
Report on the Financial Statements
I have audited the accompanying financial statements and the related notes to the financial statements as
listed in the table of contents of the North Carolina Marriage and Family Therapy Licensure Board (the
"Board"), an independent state agency which is a nonmajor enterprise fund of the primary government of
the State of North Carolina, as of June 30, 2014 and 2013.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of the financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
My responsibility is to express an opinion on these financial statements based on my audits. I conducted my
audits in accordance with auditing standards generally accepted in the United States of America. Those
standards require that I plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Accordingly, I express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit
opinion.
Opinion
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the North Carolina Marriage and Family Therapy Licensure Board as of June 30, 2014 and
2013, and the results of its operations, changes in financial position, and cash flows for the years then ended
in accordance with accounting principles generally accepted in the United States of America.
4
INDEPENDENT AUDITOR’S REPORT (CONCLUDED)
Management’s Discussion and Analysis - Required Supplemental Information
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards
Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historic context. I have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the methods
of preparing the information and comparing the information for consistency with management' s responses
to our inquiries, the basic financial statements, and other knowledge I obtained during my audits of the basic
financial statements. I do not express an opinion or provide any assurance on the supplementary information
because the limited procedures do not provide sufficient evidence to express an opinion or provide any
assurance thereon.
Other Supplemental Information
My audits were conducted for the purpose of forming an opinion on the financial statements as a whole.
The Schedule of Receipts and Disbursements - Modified Cash Basis is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has not been subjected
to the auditing procedures applied in the audits of the basic financial statements, and accordingly, I do not
express an opinion or provide any assurance thereon.
Shelton L. Hawley, C.P.A., P.A.
Angier NC
October 22, 2014
-5-
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF NET POSITION
JUNE 30, 2014 AND 2013
June 30, 2014 June 30, 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
ASSETS
Current assets:
Cash and cash equivalents (Note 2) $ 135,186 $ 130,044
Prepaid expenses (management fee) 4,097 500
Total current assets 139,283 130,544
Property and equipment (Note 1):
Furniture and office equipment 1,977 914
Total property and equipment - net of depreciation 1,977 914
Other assets:
Security deposit (on rental of office space) 750
Total other assets 750 0
TOTAL ASSETS $ 142,010 $ 131,458
LIABILITIES AND NET POSITION
Current liabilities:
Accounts payable $ 744 $ 5,337
Due to other state agencies 3,553 20,436
Unearned revenue (Note 3) 66,310 63,400
Total current liabilities 70,607 89,173
TOTAL LIABILITIES 70,607 89,173
NET POSITION (NOTE 4)
Investment in capital assets 1,977 914
Unrestricted net position 69,426 41,371
TOTAL NET POSITION 71,403 42,285
TOTAL LIABILITIES AND NET POSITION $ 142,010 $ 131,458
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEARS ENDED JUNE 30, 2014 AND 2013
-6-
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
OPERATING REVENUES:
Application and exam fees $ 34,650 $ 32,200
Renewals and license fees 76,500 72,600
Miscellaneous operating income 1,425 2,495
Total operating revenues $ 112,575 $ 107,295
OPERATING EXPENSES:
Contractual management services (Note 5) $ 34,755 $ 34,755
Travel - contractual management service 537 1,651
Other contracted services 2,631 3,183
Office rent (Note 6) 8,400 8,400
Storage space rental 1,308 1,298
Board members expenses (including special meeting expenses) 10,459 13,891
Exam expenses 750 151
Telephone 3,414 3,280
Internet costs 1,259 1,259
Office supplies and expenses 3,261 3,057
Printing and copying 423 548
Depreciation 295 502
Postage 544 603
Dues 500 500
Legal fees 4,757 7,495
Audit and accounting fees 6,395 6,050
Bank charges 118 468
Website expenses 3,669 25,559
Total operating expenses $ 83,475 $ 112,650
Operating income (loss) $ 29,100 $ (5,355)
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEARS ENDED JUNE 30, 2014 AND 2013
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
-7-
NON-OPERATING REVENUES (EXPENSES):
Gain (loss) on disposition of capital assets $ (60) $
Interest income 78 131
Total non-operating revenues $ 18 $ 131
Change in net position $ 29,118 $ (5,224)
Net position - beginning of year 42,285 47,509
Net position - end of year $ 71,403 $ 42,285
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2014 AND 2013
-8-
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
Cash flows from operating activities:
Cash received from fees and other operating income $ 115,485 $ 108,095
Cash payments for operating expenses (109,003) (88,674)
Net cash provided (used) by operating activities $ 6,482 $ 19,421
Cash flows from investing activities:
Interest earned $ 78 $ 131
Net cash provided by investing activities $ 78 $ 131
Cash flows from capital and related financing activities:
Acquisition of capital assets $ (1,418) $ (419)
Net cash provided (used) by capital and financing activities $ (1,418) $ (419)
Net increase (decrease) in cash $ 5,142 $ 19,133
Cash - beginning of year 130,044 110,911
Cash - end of year $ 135,186 130,044
Reconciliation of operating income
to net cash provided by operating activities:
Operating income (loss) $ 29,100 $ (5,355)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation $ 295 $ 502
Changes in assets and liabilities:
Prepaid expense and other assets (4,347) 3,596
Accounts payable (21,476) 19,878
Unearned revenue 2,910 800
Total adjustments $ $ 24,776
Net cash provided by operating activities $ 6,482 $ 19,421
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-9-
Note 1 - Nature of Activities and Significant Accounting Policies
Description of Organization
The North Carolina Marriage and Family Therapy Licensure Board (the "Board") is an independent State
agency. It is an occupational licensing board and is authorized by Chapter 90 of the North Carolina General
Statutes. The Board is composed of seven members who are appointed by the Governor of the State of
North Carolina. It is a nonmajor enterprise fund of the primary government of the State of North Carolina
and is reported as such in the State’s Comprehensive Annual Financial Report (CAFR).
The Board is established to maintain minimum standards for services provided by marriage and family
therapists.
The Board’s operations are financed with self-generated revenues from fees charged to licensees.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America. The Governmental Accounting Standards Board
(GASB) is the accepted standard setting body for establishing governmental accounting principles and
reporting standards.
All activities of the Board are accounted for within a single proprietary (enterprise) fund. Proprietary funds
are used to account for operations that are financed and operated in a manner similar to private business
enterprises where the intent of the governing body is that the cost of providing goods or services to the
general public on a continuing basis be financed or recovered primarily through user charges.
Reporting Entity
The concept underlying the definition of the financial reporting entity is that elected officials are accountable
to their constituents for their actions. As required by accounting principles generally accepted in the United
States of America (GAAP), the financial reporting entity includes both the primary government and all of
its component units. An organization other than a primary government serves as a nucleus for a reporting
entity when it issues separate financial statements. The accompanying financial statements present all funds
and activities for which the Board is responsible.
For financial reporting purposes, the Board is a nonmajor enterprise fund of the primary government of the
State of North Carolina and is reported as such in the State’s Comprehensive Annual Financial Report
(CAFR). These financial statements for the Board are separate and apart from those of the State of North
Carolina and do not present the financial position of the State nor changes in the State’s financial position
and cash flows.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-10-
Note 1 - Nature of Activities and Significant Accounting Policies (Continued)
Basis of Accounting
In accordance with Statement of Governmental Accounting Standards 34 (as amended, if applicable), the
Board herewith presents Statements of Net Position, Statements of Revenues, Expenses, and Changes in Net
Position; and Statements of Cash Flows. These statements reflect entity-wide operations of the Board. The
Board has no fiduciary funds or component units.
The Statements of Revenues, Expenses, and Changes in Net Position demonstrate the degree to which the
direct expenses of the Board are offset by license fees.
The financial statements report all activities of the North Carolina Marriage and Family Therapy Licensure
Board using the economic resource measurement focus and the full accrual basis of accounting. Revenues
are recognized in the accounting period in which they are earned and become measurable. Expenses are
recognized when incurred, if measurable, regardless of the timing of cash flows.
Operating revenues and expenses consist of those revenues and expenses that result from the ongoing
principal operations of the Board. Operating revenues consist primarily of license fees. Operating expenses
are all expense transactions incurred other than those related to capital and noncapital financing or investing
activities as defined by GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable
Trust Funds and Governmental Entities That Use Proprietary Fund Accounting. Non-operating revenues and
expenses consist of those revenues and expenses that are related to investing, capital, and non-capital
financing activities; and are classified as non-operating in the financial statements.
Cash and Cash Equivalents
These classifications include undeposited receipts, petty cash, checking accounts and time deposits held by
the Board. Certificates of deposits are considered investments for Statements of Net Position presentation.
Fair Value of Financial Instruments
The carrying amounts of the Board’s financial instruments approximate their fair value.
Prepaid Expenses
This classification includes prepaid management fees at year end.
Income Taxes
The Board is a nonmajor enterprise fund of the primary government of the State of North Carolina and is
exempt from federal and state income taxes.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-11-
Note 1 - Nature of Activities and Significant Accounting Policies (Continued)
Capital assets
Capital assets are stated at cost and are being depreciated over their useful lives on a straight-line basis.
The Board capitalizes assets that have a value or cost of $250 or greater at the date of acquisition and an
estimated useful life of more than one year. Depreciation is computed using the straight-line method of
depreciation over the estimated useful lives of the assets, generally estimated as follows: office furniture and
equipment, 5 to 7 years. Summaries follow:
Cost
06-30-13 Acquisitions Disposals
Cost
06-30-14
Accumulated
Depreciation
Net
Amount
Furniture/Equipment $ 8,488 $ 1,418 $ 3,301 $ 6,605 $ 4,628 $ 1,977
$ 8,488 $ 1,418 $ 3,301 $ 6,605 $ 4,628 $ 1,977
Cost
06-30-12 Acquisitions Disposals
Cost
06-30-13
Accumulated
Depreciation
Net
Amount
Furniture/Equipment $ 8,069 $ 419 $ - $ 8,488 $ 7,574 $ 914
$ 8,069 $ 419 $ - $ 8,488 $ 7,574 $ 914
When an asset is disposed of, the cost of the asset and the related accumulated depreciation are removed
from the books. Any gain or loss on disposition is reflected in earnings for the period. Depreciation expense
was $295 for the fiscal year ended June 30, 2014 and $502 for the fiscal year ended June 30, 2013.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the
United States of America requires management to make estimates and assumptions that affect certain
reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Note 2 - Deposits
Deposits
All of the Board’s deposits which are uninsured, if any, are uncollateralized [unless collateralized pursuant
to NC Administrative Code (20 NCAC 7)] by the financial institution holding said deposits. For deposits,
custodial credit risk is the risk that in the event of the failure of the depository, the Board will not be able
to recover its deposits that are in the possession of the outside party. The Board does not have policies
regarding custodial credit risk for deposits.
At June 30, 2014, the Board' s deposits had a carrying amount (including undeposited receipts) of $135,186
and a bank balance of $122,926, which was covered by federal depository insurance. At June 30, 2013,
the Board' s deposits had a carrying amount (including undeposited receipts) of $130,044 and a bank balance
of $119,644, which was covered by federal depository insurance.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-12-
Note 3 - Unearned Revenue
The Board’s fees are assessed and collected on an annual basis for the period July 1 through June 30, which
corresponds with the Board’s accounting period. License renewal fees received in the latter part of the fiscal
year are deferred and recognized as revenue over the one year period to which they relate.
Note 4 - Net Position
Investment in capital assets - This component of net position consists of capital assets, net of accumulated
depreciation and reduced by the outstanding balances of any loan proceeds that are attributable to the
acquisition, construction, or improvement of those capital assets.
Restricted net position - expendable - This component of net position consists of net position which the
Board is legally or contractually obligated to spend in accordance with restrictions imposed by external
parties. The Board has no restricted net position.
Unrestricted net position - This component of net position consists of net position that does not meet the
definition of restricted or investment in capital assets.
Note 5 - Contractual Management Services
The Board treats its administrative officer as an independent contractor. The Board contracts with this
management service individual to provide services and provide office space (see Note 6) for the Board. The
contract for management services includes all services related to the process of licensure application and
renewal, and various other secretarial duties. The Board also reimburses the management service for
printing, copying, postage, miscellaneous office supplies and other expenses. Payments to the management
service (including reimbursements and office space rent) totaled $43,575 during the fiscal year ended June
30, 2014. Payments to the management service (including reimbursements and office space rent) totaled
$44,240 during the fiscal year ended June 30, 2013.
Note 6 - Operating Lease
The Board leased office space on a month to month lease (as a part of the contractual management service
contract) during the fiscal years ended June 30, 2014 and June 30, 2013. The Board has entered into a long
term lease agreement (effective September 1, 2014) for a new office space location. Total rent expense
charged to operations under the lease agreement was $8,400 for the fiscal year ended June 30, 2014 and
$8,400 for the fiscal year ended June 30, 2013.
Rental commitments under the new noncancellable operating lease at June 30, 2014 are as follows:
Year Ended June 30,
2015 $ 7,500
2016 9,000
2017 1,500
$ 18,000
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-13-
Note 7 - Risk Management
The Board is exposed to various risks of loss related to torts; theft of, damage to, and the destruction of
assets; errors and omissions; injuries to employees; and natural disasters. These exposures to loss are
handled by participation in certain state-administered risk programs and self retention of certain risks. The
Board has purchased no commercial insurance coverage.
Note 8 - Contingencies
The Board is involved in occasional disciplinary hearings throughout the year which arise in the ordinary
course of its operations. In the opinion of management of the Board, the results of such actions during the
years under audit do not materially affect the Board’s operations, changes in financial position, or cash flows
for the years herein ended.
Note 9 - Subsequent Events
Subsequent events have been evaluated through October 22, 2014, the date the financial statements were
available to be issued. Events occurring after that date have not been evaluated to determine whether a
change in the financial statements would be required.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
SCHEDULES OF RECEIPTS AND DISBURSEMENTS - MODIFIED CASH BASIS
YEAR ENDED JUNE 30, 2014 AND 2013
-14-
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
RECEIPTS:
Application and exam fees $ 34,650 $ 32, 200
Renewals and license fees (including late fees) 79,410 73, 400
Miscellaneous operating income 1,425 2, 495
Interest income 78 131
Total receipts 115,563 $ 108, 226
DISBURSEMENTS:
Contractual management services (Note 5) $ 38,351 $ 31, 159
Staff travel 923 3, 555
Other contracted services 2,707 4, 212
Building rent (Note 6) 8,400 8, 400
Security deposit (new office space) 750
Storage space rental 1,308 1, 298
Board members expenses (including special meeting expenses) 12,431 11, 919
Exam expenses 750 151
Telephone 3,425 3, 289
Internet 1,259 1, 259
Office supplies and expenses 3,261 3, 313
Capital asset purchases 1,418 419
Printing and copying 423 548
Postage 544 603
Dues 500 500
Legal fees 6,541 4, 233
Audit and accounting fees 6,395 6, 050
Bank charges 118 468
Website expenses 20,917 7, 717
Total disbursements $ 110, 421 $ 89, 093
Receipts over (under) disbursements $ 5,142 $ 19,133
Change in cash $ 5,142 $ 19, 133
Cash and investments - beginning of year 130,044 110, 911
Cash and investments - end of year $ 135,186 $ 130, 044
____________________________________________________________________________________ This audit required 45 audit hours at a cost of $4,195

NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
Financial Statements and
Supplemental Schedules for the
Years Ended June 30, 2014 and 2013 and
Independent Auditor’s Report
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
Financial Statements and
Supplemental Schedules for the
Years Ended June 30, 2014 and 2013 and
Independent Auditor’s Report
BOARD MEMBERS (2013-2014)
Jennifer Hodgson, PhD, LMFT, Chairperson
Pamela Richey, LMFT, Vice-Chairperson
Ruby Bullard
Sherman Childers
Chad Jordan, LMFT
Chris Rodriguez, LMFT
Roger Woodard
EXECUTIVE OFFICER
Wanda Nicholson, Executive Director
LEGAL COUNSEL
North Carolina Department of Justice
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
TABLE OF CONTENTS
Page
MANAGEMENT’S DISCUSSION AND ANALYSIS 1-2
INDEPENDENT AUDITOR’S REPORT 3-4
FINANCIAL STATEMENTS FOR THE
YEARS ENDED JUNE 30, 2014 AND 2013
Statements of Net Position 5
Statements of Revenues, Expenses and Changes in Net Position 6-7
Statements of Cash Flows 8
Notes to Financial Statements 9-13
SUPPLEMENTAL INFORMATION
YEARS ENDED JUNE 30, 2014 AND 2013
Schedules of Receipts and Disbursements - Modified Cash Basis 14
1
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
MANAGEMENT’S DISCUSSION AND ANALYSIS
This section of the Board’s financial report represents Management’s analysis of the Board’s financial
performance during the years ended June 30, 2014 and 2013. Please read it in conjunction with the
financial statements which follow this section.
Financial Highlights
During 2014, the Board’s net position increased by $29,118, or 68.9%, due primarily to a decrease in
expenses. During 2013, the Board’s net position decreased by $5,224, or 11.0% , due primarily to an
increase in expenses.
During 2014, the operating revenues of the Board increased by $5,280, or 4.9%, due primarily to an
increase in license and application fees. During 2013, the operating revenues of the Board increased by
$11,720, or 12.3%, due primarily to an increase in license and application fees.
During 2014, the non-operating revenues of the Board decreased by $113, or 86.3%, due to a decrease in
interest earnings rates and a loss on disposition of capital assets. During 2013, the non-operating revenues
of the Board decreased by $11, or 7.7%, due to a decrease in interest earnings rates.
During 2014, the operating expenses of the Board decreased by $29,175, or 25.9%, due primarily to a
decrease in website expenses, board members expenses and legal fees. During 2013, the operating expenses
of the Board increased by $38,639, or 52.2%, due primarily to an increase in website expenses, board
members expenses and legal fees.
Overview of the Financial Statements
This financial report consists of two sections: Management’s Discussion and Analysis and the Financial
Statements. The Board has no other supplementary information required by GASB 34. The Financial
Statements also include notes to the financial statements that provide detail of the information included in
the financial statements.
Basic Financial Statements
The financial statements of the Board report information about the Board using accounting methods similar
to those used by private sector companies. These statements offer short and long-term financial information
about the activities of the Board.
The Statements of Net Position present the current and long-term portions of assets and liabilities separately.
The Statements of Revenues, Expenses, and Changes in Net Position present information on how the
Board’s assets changed as a result of its operations.
The Statements of Cash Flows present information on how the Board’s cash changed as a result of its
financial activities.
2
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
MANAGEMENT’S DISCUSSION AND ANALYSIS
Condensed Financial Information
The following presents condensed financial information on the operations of the Board:
Current Year Current Year
as of and for as of and for
the year ended the year ended
June 30, 2014 June 30, 2013
Current assets $ 139,283 $ 130,544
Capital assets 1,977 914
Other assets 750
Total assets $ 142,010 $ 131,458
Current liabilities $ 70,607 $ 89,173
Total liabilities $ 70,607 $ 89,173
Investment in capital assets $ 1,977 $ 914
Unrestricted 69,426 41,371
Total net position $ 71,403 $ 42,285
Operating revenues $ 112,575 $ 107,295
Operating expenses (83,475) (112,650)
Operating income 29,100 (5,355)
Non-operating revenues 18 131
Change in net position $ 29,118 $ (5,224)
Events Affecting Future Operations
The Board has no significant events affecting future operations which are reportable pursuant to GASB 34.
Contacting the Board’s Management
This financial report is designed to provide a general overview of the Board’s finances and to demonstrate
the Board’s accountability for the money it receives. If you have any questions about this report or need
additional information, contact: North Carolina Marriage and Family Therapy Licensure Board, PO Box
5549, Cary, NC 27512.
3
Shelton L. Hawley, CPA, PA
Certified Public Accountant
Suite B1
800 N. Raleigh St.
P.O. 1545
Angier, North Carolina 27501-1545
Telephone: (919) 639-4825
Facsimile: (919) 639-3102
INDEPENDENT AUDITOR’S REPORT
Members of the Board
North Carolina Marriage and Family Therapy Licensure Board
Cary, North Carolina
Report on the Financial Statements
I have audited the accompanying financial statements and the related notes to the financial statements as
listed in the table of contents of the North Carolina Marriage and Family Therapy Licensure Board (the
"Board"), an independent state agency which is a nonmajor enterprise fund of the primary government of
the State of North Carolina, as of June 30, 2014 and 2013.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of the financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
My responsibility is to express an opinion on these financial statements based on my audits. I conducted my
audits in accordance with auditing standards generally accepted in the United States of America. Those
standards require that I plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Accordingly, I express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit
opinion.
Opinion
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the North Carolina Marriage and Family Therapy Licensure Board as of June 30, 2014 and
2013, and the results of its operations, changes in financial position, and cash flows for the years then ended
in accordance with accounting principles generally accepted in the United States of America.
4
INDEPENDENT AUDITOR’S REPORT (CONCLUDED)
Management’s Discussion and Analysis - Required Supplemental Information
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards
Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historic context. I have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the methods
of preparing the information and comparing the information for consistency with management' s responses
to our inquiries, the basic financial statements, and other knowledge I obtained during my audits of the basic
financial statements. I do not express an opinion or provide any assurance on the supplementary information
because the limited procedures do not provide sufficient evidence to express an opinion or provide any
assurance thereon.
Other Supplemental Information
My audits were conducted for the purpose of forming an opinion on the financial statements as a whole.
The Schedule of Receipts and Disbursements - Modified Cash Basis is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has not been subjected
to the auditing procedures applied in the audits of the basic financial statements, and accordingly, I do not
express an opinion or provide any assurance thereon.
Shelton L. Hawley, C.P.A., P.A.
Angier NC
October 22, 2014
-5-
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF NET POSITION
JUNE 30, 2014 AND 2013
June 30, 2014 June 30, 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
ASSETS
Current assets:
Cash and cash equivalents (Note 2) $ 135,186 $ 130,044
Prepaid expenses (management fee) 4,097 500
Total current assets 139,283 130,544
Property and equipment (Note 1):
Furniture and office equipment 1,977 914
Total property and equipment - net of depreciation 1,977 914
Other assets:
Security deposit (on rental of office space) 750
Total other assets 750 0
TOTAL ASSETS $ 142,010 $ 131,458
LIABILITIES AND NET POSITION
Current liabilities:
Accounts payable $ 744 $ 5,337
Due to other state agencies 3,553 20,436
Unearned revenue (Note 3) 66,310 63,400
Total current liabilities 70,607 89,173
TOTAL LIABILITIES 70,607 89,173
NET POSITION (NOTE 4)
Investment in capital assets 1,977 914
Unrestricted net position 69,426 41,371
TOTAL NET POSITION 71,403 42,285
TOTAL LIABILITIES AND NET POSITION $ 142,010 $ 131,458
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEARS ENDED JUNE 30, 2014 AND 2013
-6-
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
OPERATING REVENUES:
Application and exam fees $ 34,650 $ 32,200
Renewals and license fees 76,500 72,600
Miscellaneous operating income 1,425 2,495
Total operating revenues $ 112,575 $ 107,295
OPERATING EXPENSES:
Contractual management services (Note 5) $ 34,755 $ 34,755
Travel - contractual management service 537 1,651
Other contracted services 2,631 3,183
Office rent (Note 6) 8,400 8,400
Storage space rental 1,308 1,298
Board members expenses (including special meeting expenses) 10,459 13,891
Exam expenses 750 151
Telephone 3,414 3,280
Internet costs 1,259 1,259
Office supplies and expenses 3,261 3,057
Printing and copying 423 548
Depreciation 295 502
Postage 544 603
Dues 500 500
Legal fees 4,757 7,495
Audit and accounting fees 6,395 6,050
Bank charges 118 468
Website expenses 3,669 25,559
Total operating expenses $ 83,475 $ 112,650
Operating income (loss) $ 29,100 $ (5,355)
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEARS ENDED JUNE 30, 2014 AND 2013
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
-7-
NON-OPERATING REVENUES (EXPENSES):
Gain (loss) on disposition of capital assets $ (60) $
Interest income 78 131
Total non-operating revenues $ 18 $ 131
Change in net position $ 29,118 $ (5,224)
Net position - beginning of year 42,285 47,509
Net position - end of year $ 71,403 $ 42,285
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2014 AND 2013
-8-
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
Cash flows from operating activities:
Cash received from fees and other operating income $ 115,485 $ 108,095
Cash payments for operating expenses (109,003) (88,674)
Net cash provided (used) by operating activities $ 6,482 $ 19,421
Cash flows from investing activities:
Interest earned $ 78 $ 131
Net cash provided by investing activities $ 78 $ 131
Cash flows from capital and related financing activities:
Acquisition of capital assets $ (1,418) $ (419)
Net cash provided (used) by capital and financing activities $ (1,418) $ (419)
Net increase (decrease) in cash $ 5,142 $ 19,133
Cash - beginning of year 130,044 110,911
Cash - end of year $ 135,186 130,044
Reconciliation of operating income
to net cash provided by operating activities:
Operating income (loss) $ 29,100 $ (5,355)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation $ 295 $ 502
Changes in assets and liabilities:
Prepaid expense and other assets (4,347) 3,596
Accounts payable (21,476) 19,878
Unearned revenue 2,910 800
Total adjustments $ $ 24,776
Net cash provided by operating activities $ 6,482 $ 19,421
See notes to financial statements.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-9-
Note 1 - Nature of Activities and Significant Accounting Policies
Description of Organization
The North Carolina Marriage and Family Therapy Licensure Board (the "Board") is an independent State
agency. It is an occupational licensing board and is authorized by Chapter 90 of the North Carolina General
Statutes. The Board is composed of seven members who are appointed by the Governor of the State of
North Carolina. It is a nonmajor enterprise fund of the primary government of the State of North Carolina
and is reported as such in the State’s Comprehensive Annual Financial Report (CAFR).
The Board is established to maintain minimum standards for services provided by marriage and family
therapists.
The Board’s operations are financed with self-generated revenues from fees charged to licensees.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America. The Governmental Accounting Standards Board
(GASB) is the accepted standard setting body for establishing governmental accounting principles and
reporting standards.
All activities of the Board are accounted for within a single proprietary (enterprise) fund. Proprietary funds
are used to account for operations that are financed and operated in a manner similar to private business
enterprises where the intent of the governing body is that the cost of providing goods or services to the
general public on a continuing basis be financed or recovered primarily through user charges.
Reporting Entity
The concept underlying the definition of the financial reporting entity is that elected officials are accountable
to their constituents for their actions. As required by accounting principles generally accepted in the United
States of America (GAAP), the financial reporting entity includes both the primary government and all of
its component units. An organization other than a primary government serves as a nucleus for a reporting
entity when it issues separate financial statements. The accompanying financial statements present all funds
and activities for which the Board is responsible.
For financial reporting purposes, the Board is a nonmajor enterprise fund of the primary government of the
State of North Carolina and is reported as such in the State’s Comprehensive Annual Financial Report
(CAFR). These financial statements for the Board are separate and apart from those of the State of North
Carolina and do not present the financial position of the State nor changes in the State’s financial position
and cash flows.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-10-
Note 1 - Nature of Activities and Significant Accounting Policies (Continued)
Basis of Accounting
In accordance with Statement of Governmental Accounting Standards 34 (as amended, if applicable), the
Board herewith presents Statements of Net Position, Statements of Revenues, Expenses, and Changes in Net
Position; and Statements of Cash Flows. These statements reflect entity-wide operations of the Board. The
Board has no fiduciary funds or component units.
The Statements of Revenues, Expenses, and Changes in Net Position demonstrate the degree to which the
direct expenses of the Board are offset by license fees.
The financial statements report all activities of the North Carolina Marriage and Family Therapy Licensure
Board using the economic resource measurement focus and the full accrual basis of accounting. Revenues
are recognized in the accounting period in which they are earned and become measurable. Expenses are
recognized when incurred, if measurable, regardless of the timing of cash flows.
Operating revenues and expenses consist of those revenues and expenses that result from the ongoing
principal operations of the Board. Operating revenues consist primarily of license fees. Operating expenses
are all expense transactions incurred other than those related to capital and noncapital financing or investing
activities as defined by GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable
Trust Funds and Governmental Entities That Use Proprietary Fund Accounting. Non-operating revenues and
expenses consist of those revenues and expenses that are related to investing, capital, and non-capital
financing activities; and are classified as non-operating in the financial statements.
Cash and Cash Equivalents
These classifications include undeposited receipts, petty cash, checking accounts and time deposits held by
the Board. Certificates of deposits are considered investments for Statements of Net Position presentation.
Fair Value of Financial Instruments
The carrying amounts of the Board’s financial instruments approximate their fair value.
Prepaid Expenses
This classification includes prepaid management fees at year end.
Income Taxes
The Board is a nonmajor enterprise fund of the primary government of the State of North Carolina and is
exempt from federal and state income taxes.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-11-
Note 1 - Nature of Activities and Significant Accounting Policies (Continued)
Capital assets
Capital assets are stated at cost and are being depreciated over their useful lives on a straight-line basis.
The Board capitalizes assets that have a value or cost of $250 or greater at the date of acquisition and an
estimated useful life of more than one year. Depreciation is computed using the straight-line method of
depreciation over the estimated useful lives of the assets, generally estimated as follows: office furniture and
equipment, 5 to 7 years. Summaries follow:
Cost
06-30-13 Acquisitions Disposals
Cost
06-30-14
Accumulated
Depreciation
Net
Amount
Furniture/Equipment $ 8,488 $ 1,418 $ 3,301 $ 6,605 $ 4,628 $ 1,977
$ 8,488 $ 1,418 $ 3,301 $ 6,605 $ 4,628 $ 1,977
Cost
06-30-12 Acquisitions Disposals
Cost
06-30-13
Accumulated
Depreciation
Net
Amount
Furniture/Equipment $ 8,069 $ 419 $ - $ 8,488 $ 7,574 $ 914
$ 8,069 $ 419 $ - $ 8,488 $ 7,574 $ 914
When an asset is disposed of, the cost of the asset and the related accumulated depreciation are removed
from the books. Any gain or loss on disposition is reflected in earnings for the period. Depreciation expense
was $295 for the fiscal year ended June 30, 2014 and $502 for the fiscal year ended June 30, 2013.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the
United States of America requires management to make estimates and assumptions that affect certain
reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Note 2 - Deposits
Deposits
All of the Board’s deposits which are uninsured, if any, are uncollateralized [unless collateralized pursuant
to NC Administrative Code (20 NCAC 7)] by the financial institution holding said deposits. For deposits,
custodial credit risk is the risk that in the event of the failure of the depository, the Board will not be able
to recover its deposits that are in the possession of the outside party. The Board does not have policies
regarding custodial credit risk for deposits.
At June 30, 2014, the Board' s deposits had a carrying amount (including undeposited receipts) of $135,186
and a bank balance of $122,926, which was covered by federal depository insurance. At June 30, 2013,
the Board' s deposits had a carrying amount (including undeposited receipts) of $130,044 and a bank balance
of $119,644, which was covered by federal depository insurance.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-12-
Note 3 - Unearned Revenue
The Board’s fees are assessed and collected on an annual basis for the period July 1 through June 30, which
corresponds with the Board’s accounting period. License renewal fees received in the latter part of the fiscal
year are deferred and recognized as revenue over the one year period to which they relate.
Note 4 - Net Position
Investment in capital assets - This component of net position consists of capital assets, net of accumulated
depreciation and reduced by the outstanding balances of any loan proceeds that are attributable to the
acquisition, construction, or improvement of those capital assets.
Restricted net position - expendable - This component of net position consists of net position which the
Board is legally or contractually obligated to spend in accordance with restrictions imposed by external
parties. The Board has no restricted net position.
Unrestricted net position - This component of net position consists of net position that does not meet the
definition of restricted or investment in capital assets.
Note 5 - Contractual Management Services
The Board treats its administrative officer as an independent contractor. The Board contracts with this
management service individual to provide services and provide office space (see Note 6) for the Board. The
contract for management services includes all services related to the process of licensure application and
renewal, and various other secretarial duties. The Board also reimburses the management service for
printing, copying, postage, miscellaneous office supplies and other expenses. Payments to the management
service (including reimbursements and office space rent) totaled $43,575 during the fiscal year ended June
30, 2014. Payments to the management service (including reimbursements and office space rent) totaled
$44,240 during the fiscal year ended June 30, 2013.
Note 6 - Operating Lease
The Board leased office space on a month to month lease (as a part of the contractual management service
contract) during the fiscal years ended June 30, 2014 and June 30, 2013. The Board has entered into a long
term lease agreement (effective September 1, 2014) for a new office space location. Total rent expense
charged to operations under the lease agreement was $8,400 for the fiscal year ended June 30, 2014 and
$8,400 for the fiscal year ended June 30, 2013.
Rental commitments under the new noncancellable operating lease at June 30, 2014 are as follows:
Year Ended June 30,
2015 $ 7,500
2016 9,000
2017 1,500
$ 18,000
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2014 AND 2013
-13-
Note 7 - Risk Management
The Board is exposed to various risks of loss related to torts; theft of, damage to, and the destruction of
assets; errors and omissions; injuries to employees; and natural disasters. These exposures to loss are
handled by participation in certain state-administered risk programs and self retention of certain risks. The
Board has purchased no commercial insurance coverage.
Note 8 - Contingencies
The Board is involved in occasional disciplinary hearings throughout the year which arise in the ordinary
course of its operations. In the opinion of management of the Board, the results of such actions during the
years under audit do not materially affect the Board’s operations, changes in financial position, or cash flows
for the years herein ended.
Note 9 - Subsequent Events
Subsequent events have been evaluated through October 22, 2014, the date the financial statements were
available to be issued. Events occurring after that date have not been evaluated to determine whether a
change in the financial statements would be required.
NORTH CAROLINA MARRIAGE AND FAMILY THERAPY LICENSURE BOARD
SCHEDULES OF RECEIPTS AND DISBURSEMENTS - MODIFIED CASH BASIS
YEAR ENDED JUNE 30, 2014 AND 2013
-14-
2014 2013
Proprietary-
Enterprise
Fund
Proprietary-
Enterprise
Fund
RECEIPTS:
Application and exam fees $ 34,650 $ 32, 200
Renewals and license fees (including late fees) 79,410 73, 400
Miscellaneous operating income 1,425 2, 495
Interest income 78 131
Total receipts 115,563 $ 108, 226
DISBURSEMENTS:
Contractual management services (Note 5) $ 38,351 $ 31, 159
Staff travel 923 3, 555
Other contracted services 2,707 4, 212
Building rent (Note 6) 8,400 8, 400
Security deposit (new office space) 750
Storage space rental 1,308 1, 298
Board members expenses (including special meeting expenses) 12,431 11, 919
Exam expenses 750 151
Telephone 3,425 3, 289
Internet 1,259 1, 259
Office supplies and expenses 3,261 3, 313
Capital asset purchases 1,418 419
Printing and copying 423 548
Postage 544 603
Dues 500 500
Legal fees 6,541 4, 233
Audit and accounting fees 6,395 6, 050
Bank charges 118 468
Website expenses 20,917 7, 717
Total disbursements $ 110, 421 $ 89, 093
Receipts over (under) disbursements $ 5,142 $ 19,133
Change in cash $ 5,142 $ 19, 133
Cash and investments - beginning of year 130,044 110, 911
Cash and investments - end of year $ 135,186 $ 130, 044
____________________________________________________________________________________ This audit required 45 audit hours at a cost of $4,195